Singapore Economic Information
Central Bank: Monetary Authority of Singapore
Currency: Singapore dollar (SGD or S$)
Singapore's reputation as one of the world's most business-friendly economies helps attract investments from over 7,000 multinational corporations. A heavily trade-reliant country, Singapore ranks within the top 10 competitive economies in the world and is considered one of the most competitive small economies. A large factor in Singapore's strong economic power comes from the country's strategic location on major sea lanes. Exchange rate speculation of the Singapore dollar can be difficult as the free-floating currency's value is tied to a basket of undisclosed currencies from the country's largest trading partners.
Key industries:
Electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences and entrepot trade.
Agricultural products:
Rubber, copra, fruit, orchids, vegetables, poultry, eggs, fish and ornamental fish.
Export commodities:
Machinery and equipment (including electronics), consumer goods, chemicals and mineral fuels.
Import commodities:
Machinery and equipment, mineral fuels, chemicals and foodstuffs.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 8/29/2010. These rates were not available to retail customers and were not the rates offered by EverBank. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Singapore dollar:
Reasons to consider
- The city-state sank into recession in October 2008 due to the global economic downturn. But recent data suggest the decline in exports has slowed and output in the key manufacturing sector grew at its fastest pace in more than 12 months in July 2009.
- Singapore's economy also grew for the first time in a year in the second quarter 2009 from the previous three months, suggesting it may be emerging from recession.
Risk factors to consider
- GDP is down 3.5% in 2nd Quarter 2009.
- CPI is down 0.5% in July 2009.
- Total trade is down 24.8% in July 2009.
- Retail reported sales down 8.2% in June 2009.
How EverBank can help with your Singapore dollar needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
WorldCurrency Basket CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Basket CD(s):
WorldCurrency Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency® account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
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- EverBank, the EverBank Infinity Sphere and the EverBank logo, along with WorldCurrency and Pan-Asian are proprietary service marks of EverBank. All rights reserved.
